Fleet Status Report

Analyst Contacts: Thad Vayda News Release

+1 713-232-7551 Diane Vento

+1 713-232-8015

Media Contact: Pam Easton FOR RELEASE: April 16, 2015 +1 713-232-7647

TRANSOCEAN LTD. PROVIDES FLEET STATUS REPORT

ZUG, SWITZERLAND—April 16, 2015—Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today issued a comprehensive Fleet Status Report which provides the current status of and contract information for the company’s entire fleet of offshore drilling rigs. The total value of new contracts since the March 18, 2015 Fleet Update Summary is approximately $26 million.

The report includes the following: Sedco Express – Awarded a 45-day contract extension offshore Nigeria at a dayrate of

$300,000 ($14 million estimated backlog). GSF Galaxy II – Awarded a two month contract extension in the U.K. sector of the North Sea

at a dayrate of $190,000 ($12 million estimated backlog). Sedco Energy – The customer has elected to release the rig; the contract provides for a

payment to the company in the event of an early termination. The Discoverer Enterprise, Sedco Energy, Transocean Amirante, and GSF Galaxy III are idle.

Estimated 2015 out-of-service time decreased by a net 59 days primarily due to GSF Rig 140. The

company is currently committed to approximately 48 days of planned out-of-service time in 2016. The company intends to scrap the GSF Explorer in an environmentally responsible manner; the rig

is classified as held for sale. As a result, second quarter 2015 results are expected to include a related estimated non-cash charge of $100 million to $120 million, net of taxes. To date, Transocean has indicated its intent to scrap a total of 19 floaters.

The report can be accessed on the company’s website at www.deepwater.com.

Forward-Looking Statements

The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements contain words such as "possible," "intend," "will," "if," "expect" or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these

Transocean Ltd. Investor Relations and Corporate Communications

forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2014, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at www.deepwater.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an

offer to buy, any securities, and do not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of, 65 mobile offshore

drilling units consisting of 41 high-specification floaters (ultra-deepwater, deepwater and harsh-environment drilling rigs), 14 midwater floaters and 10 high-specification jackups. In addition, the company has seven ultra-deepwater drillships and five high-specification jackups under construction.

For more information about Transocean, please visit: www.deepwater.com.

Fleet Status ReportApril 16, 2015

Updated: April 16, 2015

Dayrate on Dayrate on

Yr. (1) Water Drilling Estimated Estimated Current PreviousFootnote Floater Dynamically Entered Depth Depth Contract Expiration Contract (3) Contract (3)

Rig Type/Name References Type Positioned Service (Feet) (Feet) Location Customer Start Date (2) Date (2) (Dollars) (Dollars) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Rigs Under Construction (12)

Deepwater Thalassa (6), (11) ship TBA 12,000 40,000 TBA Shell Q1 2016 Q1 2026 519,000 N/A

Deepwater Proteus (6), (11) ship TBA 12,000 40,000 TBA Shell Q3 2016 Q2 2026 519,000 N/A

Deepwater Pontus (6), (11) ship TBA 12,000 40,000 TBA Shell Q1 2017 Q4 2026 519,000 N/A

Deepwater Poseidon (6), (11) ship TBA 12,000 40,000 TBA Shell Q2 2017 Q2 2027 519,000 N/A

Deepwater Conqueror (6), (8), (11) ship TBA 12,000 40,000 USGOM Chevron Q4 2016 Q4 2021 599,000 N/A

JSPL Ultra-Deepwater Drillship TBN 1 (9) ship TBA 12,000 40,000 TBA

JSPL Ultra-Deepwater Drillship TBN 2 (9) ship TBA 12,000 40,000 TBA

Transocean Cepheus (12) TBA 400 35,000 TBA

Transocean Cassiopeia (12) TBA 400 35,000 TBA

Transocean Centaurus (12) TBA 400 35,000 TBA

Transocean Cetus (12) TBA 400 35,000 TBA

Transocean Circinus (12) TBA 400 35,000 TBA

High Specification Floater: Ultra-Deepwater (27)

Deepwater Asgard ship 2014 12,000 40,000 USGOM Chevron Apr-15 Jul-17 623,000 600,000 - - - - - - - -

Deepwater Invictus (6), (20) ship 2014 12,000 40,000 USGOM BHP Billiton Jul-14 Mar-17 603,000 N/A - - - - - - - - Discoverer Americas (6) ship 2009 12,000 40,000 Tanzania Statoil Mar-14 May-15 735,000 636,000 - - - - - - - -

USGOM Statoil May-15 Mar-16 611,000 735,000

Deepwater Champion (6) ship 2011 12,000 40,000 Guyana ExxonMobil Mar-15 May-15 708,000 677,000 - 14 - - - - - -

USGOM ExxonMobil May-15 Nov-15 670,000 708,000

Discoverer Clear Leader (6), (8), (17) ship 2009 12,000 40,000 USGOM Chevron Nov-14 Oct-18 590,000 569,000 - - - - - - - -

Discoverer Inspiration (6), (8), (17) ship 2010 12,000 40,000 USGOM Chevron Mar-15 Mar-20 585,000 523,000 18 - - - - - - -

Dhirubhai Deepwater KG1 (6), (7), (8) ship 2009 12,000 35,000 Brazil Petrobras Dec-14 Dec-17 408,000 510,000 5 - - - 30 - - -

Dhirubhai Deepwater KG2 ship 2010 12,000 35,000 India Reliance Feb-15 Jul-15 395,000 510,000 13 - 55 13 - - - -

Discoverer India (14) ship 2010 12,000 40,000 USGOM Reliance Sep-13 Sep-16 528,000 499,000 - 40 - - - - - - India Reliance Sep-16 Nov-20 508,000 528,000

Petrobras 10000 (6), (7), (8) ship 2009 12,000 37,500 Brazil Petrobras Feb-11 Aug-19 421,000 N/A - - - - - - - 10

Discoverer Deep Seas (6) ship 2001 10,000 35,000 USGOM Murphy Oil Oct-13 Nov-16 604,000 456,000 - 21 51 - - - - -

Discoverer Enterprise ship 1999 10,000 35,000 Idle - - - - - - - -

Discoverer Spirit ship 2000 10,000 35,000 Stacked - - - - - - - -

GSF C.R. Luigs ship 2000 10,000 35,000 Idle 29 - - - - - - -

GSF Jack Ryan ship 2000 10,000 35,000 Stacked - - - - - - - -

Deepwater Discovery ship 2000 10,000 30,000 Stacked - - - - - - - - Deepwater Frontier ship 1999 10,000 30,000 Idle - - - - - - - - Deepwater Millennium (7) ship 1999 10,000 30,000 Australia Woodside Apr-14 Apr-15 582,000 570,000 - - - - - - - -

(7) Australia Woodside Apr-15 Apr-16 593,000 582,000 Deepwater Pathfinder ship 1998 10,000 30,000 Stacked - - - - - - - -

Cajun Express semi 2001 8,500 35,000 Ivory Coast CNR Dec-14 Dec-15 495,000 487,000 14 - - - - - - -

Deepwater Nautilus (6), (8) semi 2000 8,000 30,000 USGOM Shell Aug-12 Aug-17 531,000 551,000 - 70 64 - - - - -

Discoverer Luanda (6), (13) ship 2010 7,500 40,000 Angola BP Jan-11 Jan-18 487,000 N/A - 14 - - - - - -

GSF Development Driller I (7), (8) semi 2005 7,500 37,500 Angola ExxonMobil May-15 May-16 382,000 N/A 90 47 - - - - - -

(7), (8) Angola ExxonMobil May-16 May-17 385,000 382,000

GSF Development Driller II (8) semi 2005 7,500 37,500 Romania Lukoil Oct-14 Oct-15 355,000 606,000 - - - - - - - -

Development Driller III (6), (17) semi 2009 7,500 37,500 USGOM BP Nov-09 Nov-16 429,000 N/A - - - - - - - -

Sedco Energy (19) semi 2001 7,500 35,000 Idle - - - - - - - -

Sedco Express (6) semi 2001 7,500 35,000 Nigeria CAMAC Dec-14 Apr-15 300,000 N/A - - - - - - - -

Total Estimated Days Out of Service 169 206 170 13 30 - - 10

Estimated Average Contract Dayrate(5) $502,000 $516,000 $516,000 $528,000 $530,000 $518,000 $517,000 $516,000

High Specification Floater: Deepwater (7)

Deepwater Navigator (7), (8), (15) ship 1971/2000 7,200 25,000 Brazil Petrobras May-11 Feb-16 361,000 190,000 - - - - - - - -

Transocean Marianas (6), (8) semi 1979/1998 7,000 30,000 South Africa PetroSA Jun-14 Apr-15 370,000 N/A - - - - - - - - Sedco 706 (6), (7), (8) semi 1976/1994/ 2008 6,500 25,000 Brazil Petrobras May-14 Sep-16 281,000 361,000 - 60 - - - - - -

Sedco 702 (6), (7) semi 1973/2007 6,500 25,000 Nigeria Shell Sep-12 Feb-16 461,000 357,000 - - - - - - - - GSF Celtic Sea semi 1982/1998 5,750 25,000 Angola Vaalco Jan-15 Apr-15 338,000 332,000 - - - - - - - -

Jack Bates semi 1986/1997 5,400 30,000 Australia Inpex Feb-15 Feb-16 370,000 420,000 - - - - - - - -

M.G. Hulme, Jr. semi 1983/1996 5,000 25,000 Malaysia Petronas Dec-14 Apr-15 174,000 N/A - - - - - - - -

TBA TBA Apr-15 Jun-15 200,000 174,000

Total Estimated Days Out of Service - 60 - - - - - -


Revisions Noted in Bold

Dynamically positioned

Estimated Out of Service Days (4)

2016


2015








2016


2015

High Specification Floater: Harsh Environment (7)

Transocean Barents (6), (7) semi 2009 10,000 30,000 NNS Shell Sep-14 Sep-15 550,000 574,000 - - - - - - - -

Transocean Spitsbergen (6), (7), (16), (18) semi 2010 10,000 30,000 NNS Statoil Jul-13 Jul-15 497,000 504,000 42 - - - - - - -

Henry Goodrich semi 1985/2007 5,000 30,000 Idle - - - - - - - -

Transocean Leader semi 1987/1997 4,500 25,000 UKNS Enquest May-15 May-18 335,000 377,000 46 - - - - - - -

(21) UKNS Enquest May-18 May-19 305,000 335,000

Paul B. Loyd, Jr. (7) semi 1990 2,000 25,000 UKNS BP Mar-15 Aug-15 419,000 441,000 - - 43 50 - - - -

(7) UKNS BP Nov-15 Mar-16 426,000 419,000 (7) UKNS BP Mar-16 Sep-16 432,000 426,000 (7) UKNS BP Sep-16 Mar-17 439,000 432,000 (7) UKNS BP Mar-17 Jun-17 446,000 439,000

Transocean Arctic (6), (7) semi 1986 1,650 25,000 NNS Rig Management Norway

Jul-14 Jan-16 379,000 414,000 - - - - - - - -

(6), (7) NNS OMV Jan-16 Jun-16 473,000 379,000 Polar Pioneer (6) semi 1985 1,500 25,000 Alaska Shell Mar-15 Apr-15 561,000 592,000 - - - - - - - -

(6) Alaska Shell Apr-15 May-15 593,000 561,000 (6) Alaska Shell May-15 Jun-15 561,000 593,000 (6) Alaska Shell Jun-15 Oct-15 624,000 561,000 (6) Alaska Shell Oct-15 Dec-15 561,000 624,000 (6) Alaska Shell Dec-15 Apr-16 593,000 561,000 (6) Alaska Shell Apr-16 Jun-16 561,000 593,000 (6) Alaska Shell Jun-16 Oct-16 624,000 561,000 (6) Alaska Shell Oct-16 Dec-16 561,000 624,000 (6) Alaska Shell Dec-16 Jun-17 593,000 561,000

Total Estimated Days Out of Service 88 - 43 50 - - - -


Midwater Floaters (14)

Transocean Amirante (22) semi 1978/1997 3,500 25,000 Idle - - - - - - - - Transocean Driller (7), (8) semi 1991 3,000 25,000 Brazil Petrobras Jul-10 Jul-16 256,000 116,000 - - - - - - - -

GSF Rig 135 (7) semi 1983 2,800 25,000 Nigeria NPDC Nov-14 Jun-15 311,000 387,000 - - - - - - - - GSF Rig 140 (6) semi 1983 2,800 25,000 India ONGC Mar-12 May-15 260,000 N/A - - - - - - - - Sedco 711 semi 1982 1,800 25,000 UKNS Talisman Dec-14 Jun-15 361,000 355,000 - - - - - - - -

UKNS Talisman Jun-15 Dec-15 366,000 361,000

Transocean John Shaw (7) semi 1982 1,800 25,000 UKNS Taqa Jan-15 Jan-16 414,000 353,000 - - - - - - - - Sedco 712 semi 1983 1,600 25,000 UKNS Talisman Oct-14 Apr-15 391,000 386,000 25 - - - - - - -

UKNS Talisman Apr-15 Oct-15 397,000 391,000

UKNS Talisman Oct-15 Apr-16 403,000 397,000

UKNS Talisman Apr-16 Oct-16 409,000 403,000

Sedco 714 (7) semi 1983/1997 1,600 25,000 UKNS Total Sep-14 Sep-15 430,000 401,000 - - - - - - - -

(7) UKNS Total Sep-15 Mar-16 436,000 430,000

GSF Grand Banks (6), (8) semi 1984 1,500 25,000 Canada Husky Jan-13 Sep-15 411,000 297,000 - - - - - - - -

Actinia semi 1982 1,500 25,000 India ONGC Jun-12 Jul-15 190,000 222,000 - - 7 - - - - - Transocean Winner (6), (7) semi 1983 1,500 25,000 NNS Marathon Jan-13 Jun-15 417,000 495,000 - - - - - - - -

(6), (7) NNS Marathon Jun-15 Jul-16 499,000 417,000

Transocean Searcher (6), (7) semi 1983/1988 1,500 25,000 NNS BG Jun-12 Jun-15 362,000 447,000 - - - - - - - -

NNS Edison SpA Jun-15 Jul-15 340,000 362,000

Transocean Prospect (7) semi 1983/1992 1,500 25,000 UKNS Conoco Phillips Nov-14 May-15 402,000 403,000 - - - - - - - -

(7) UKNS Conoco Phillips May-15 Aug-15 298,000 402,000

Sedco 704 (7) semi 1974/1993 1,000 25,000 UKNS Maersk Jun-13 Jun-15 362,000 335,000 - - - - - - - -

UKNS Maersk Jun-15 Feb-16 372,000 362,000

Total Estimated Days Out of Service 25 - 7 - - - - -









2016


2015

High Specification Jackups (10)

GSF Constellation I (8) 2003 400 30,000 Indonesia Total Sep-12 Jan-16 150,000 140,000 - - - - - - - -

GSF Constellation II (6) 2004 400 30,000 Gabon Vaalco Oct-14 Jul-16 167,000 165,000 - - - - - - - - GSF Galaxy I (7) 1991/2001 400 30,000 UKNS Total Nov-14 May-15 208,000 211,000 - - - - - - - -

(7) UKNS Total May-15 Nov-15 211,000 208,000 (7) UKNS Total Nov-15 May-16 214,000 211,000 (7) UKNS Total May-16 Nov-16 218,000 214,000 (7) UKNS Total Nov-16 May-17 221,000 218,000

GSF Galaxy II (7) 1998 400 30,000 UKNS GDF Suez Mar-15 May-15 190,000 214,000 - - - - - - - -

GSF Galaxy III 1999 400 30,000 Idle - - - - - - - - Transocean Honor (6), (13) 2012 400 30,000 Angola Chevron May-12 Apr-15 155,000 N/A - - - - - - - -

(6) Angola Chevron Apr-15 Apr-16 194,000 155,000

GSF Monarch (7) 1986 350 30,000 UKNS GDF Suez Sep-14 Apr-15 163,000 168,000 - - - - - - - -

Transocean Andaman (6), (8) 2013 350 35,000 Thailand Chevron May-13 May-16 150,000 N/A - - 5 3 - - - -

Transocean Siam Driller (6), (8) 2013 350 35,000 Thailand Chevron Mar-13 Mar-18 140,000 N/A - 8 - - - - - -

Transocean Ao Thai (6), (8) 2013 350 35,000 Thailand Chevron Oct-13 Sep-18 139,000 N/A - - - - - - 8 -

Total Estimated Days Out of Service - 8 5 3 - - 8 -


Total Estimated Days Out of Service 282 274 225 66 30 - 8 10

Fixed-Price Options - See Footnote 10

High Specification Floater: Ultra-Deepwater

GSF Development Driller II (6) semi 2005 7,500 37,500 Romania Lukoil Oct-15 Apr-16 400,000 355,000 Cajun Express semi 2001 8,500 35,000 Ivory Coast CNR Dec-15 Feb-16 495,000 495,000

High Specification Floater: Deepwater

Jack Bates semi 1986/1997 5,400 30,000 Australia Inpex Feb-16 Nov-16 370,000 370,000

High Specification Floater: Harsh Environment

Polar Pioneer (6) semi 1985 1,500 25,000 Alaska Shell Jun-17 Oct-17 623,000 589,000 Paul B. Loyd, Jr. (7) semi 1990 2,000 25,000 UKNS BP Jun-17 Sep-17 446,000 453,000

(7) UKNS BP Sep-17 Mar-18 454,000 446,000 (7) UKNS BP Mar-18 Jun-18 460,000 454,000

High Specification Jackups

GSF Galaxy I (6), (7) 1991/2001 400 30,000 UKNS Total May-17 May-18 240,000 231,000 (6), (7) UKNS Total May-18 May-19 250,000 240,000

Revenue Efficiency

Q4 2014 Actual Q3 2014 Actual Q2 2014 Actual Q1 2014 Actual Q4 2013 Actual Q3 2013 Actual Q2 2013 Actual Q1 2013 ActualUltra Deepwater 95.4% 91.6% 94.0% 96.4% 90.0% 92.5% 91.1% 83.8%Deepwater 96.3% 93.3% 94.5% 100.5% 95.0% 91.1% 91.8% 86.4%Harsh Environment Floaters 96.0% 94.7% 95.7% 96.3% 92.1% 99.9% 98.3% 97.6%Midwater Floaters 93.0% 92.2% 97.0% 91.1% 92.3% 95.3% 94.5% 92.1%High Specification Jackups 99.0% 97.0% 97.3% 94.5% 97.2% 98.9% 98.6% 96.4%Total Fleet - Continuing Operations 95.3% 92.6% 95.0% 95.7% 91.7% 94.0% 93.1% 88.0%

Estimated Contract Drilling Revenue can be calculated as: Paid Days on Contract * Average Contract Dayrate * Revenue Efficiency

Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. Revenue Efficiency does not apply during Out of Service Days (Shipyard, Mobilizations, Demobilizations, Contract Preparation).



(1)(2)

(3)

(4)

(5)(6)(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

(18)(19)(20)

(21)

(22)

Mobilization, customer commissioning and acceptance testing commenced in March 2014. Revenue of approximately $52 million earned from March 2014 to July 2014 will be recognized over the remaining three-year contract period ending in March 2017.

The customer, Total, has elected to release the rig; the contract provides for a payment to the company in the event of an early termination.

The first of five newbuild high-specification jackups contracted to Keppel FELS Limited's shipyard in Singapore is expected to be delivered from the shipyard in the third quarter of 2016 and the remaining four jackups delivered at approximately six-month intervals thereafter.

Dayrate excludes additional premiums for parallel operations at well centers and dynamic position operations.

Footnotes

Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig's operating performance against a performance curve. Please refer to the “Customer Contract Duration, Timing and Dayrates and Risks Associated with Operations” section of the Disclaimers & Definitions for a description of dayrates. This column may not reflect the rate currently being received under the contract as a result of an applicable standby rate or other rate, which typically is less than the contract dayrate.

Dates shown are the original service date and the date of the most recent upgrade, if any.Estimated Contract Start and Estimated Expiration Dates are calculated as follows: (1) for events estimated to occur between the 1st and 15th of a month, the previous month is reported (i.e. a contract which is estimated to commence on May 4, 2015 will be reported as commencing in April 2015) and (2) for events estimated to occur between the 16th and the end of a month, the actual month is reported (i.e. a contract which is estimated to commence on May 24, 2015 will be reported as commencing in May 2015). Expiration dates represent the company's current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two or more contracts in continuation, so the last line shows the estimated earliest availability. Many contracts permit the customer to extend the contract.

The out of service time represents those days where a rig is scheduled to be out of service and not be available to earn an operating dayrate. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation)” section of the Disclaimers & Definitions for a full description. Estimated Average Contract Dayrate is defined as the average contracted full operating dayrate to be earned per revenue earning day. See note (3) for definition of full operating dayrate.Reflects the current contracted dayrate which could reflect prior cost escalations and could change in the future due to further cost escalations.Reflects the current contracted dayrate which, along with costs, includes a foreign currency component. Changes in the value of the U.S. Dollar relative to certain foreign currencies will result in an adjustment to the dayrate according to the terms of the contract. The dayrate adjustment generally offsets the foreign currency exchange-related change in costs.Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.

On February 26, 2014, a subsidiary of Transocean Ltd. awarded contracts to Sembcorp Marine's subsidiary, Jurong Shipyard, in Singapore for construction of two newbuild dynamically positioned ultra-deepwater drillships. The two drillships are expected to be delivered from the shipyard in the second quarter of 2017 and the first quarter of 2018, respectively.

ENI has repudiated the contract. Transocean is contesting the termination and is taking appropriate legal action.

The customer has exercised a contract provision whereby the estimated dayrate will be $400,000 from approximately November 10, 2014 to December 31, 2014.

Fixed price options may be exercised at the customer’s discretion. During periods when dayrates on new contracts are increasing relative to existing contracts, the likelihood of customers’ exercising fixed price options increases. During periods when dayrates on new contracts are decreasing relative to existing contracts, the likelihood of customers’ exercising fixed price options declines.

While the customer has the option to add any out of service days to the end of the contract, the Estimated Expiration Date does not reflect any extension due to this option until actually exercised by the customer.

The contract is expected to start in the quarter indicated. Factors that could influence the contract start date include shipyard delivery, customer acceptance, and mobilization to operating location, among others.

The rig is owned by Transocean Partners LLC in which the company owns less than a 100% interest. Please refer to Transocean Partners LLC (NYSE: RIGP) Fleet Status Report which can be found at www.transoceanpartners.com.

The customer may elect to have the operating dayrate for the last five years of the contract fluctuate based on crude oil price with a floor of $458,250 corresponding to a crude oil price of less than or equal to $50 per barrel, and a ceiling of $558,250 corresponding to a crude oil price of $100 per barrel or greater.

The dayrate for the last year of the contract will be set three months prior to the third anniversary of the contract commencement date, subject to a floor dayrate of $305,000 and a ceiling dayrate of $365,000, pursuant to the terms of the contract.

The rig is owned by a joint venture in which the company owns less than a 100 percent interest. Dayrate reflects 100 percent of the contract rate.


Rig Type/Name Start DateStacked Rigs

Discoverer Spirit 3/18/2015GSF Jack Ryan 3/18/2015Deepwater Discovery 3/18/2015Deepwater Pathfinder 3/18/2015

Idle (7)Deepwater Frontier 1/7/2015GSF C.R. Luigs 1/30/2015Henry Goodrich 3/1/2015Transocean Amirante 3/19/2015Discoverer Enterprise 3/21/2015GSF Galaxy III 3/31/2015Sedco Energy 4/12/2015

Stacked and Idle rigs detailed above are not currently operating on contract. Start date denotes when rig commences idle or stacked status.


An "Idle" rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A "Stacked" rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.

DISCLAIMERS & DEFINITIONS

The information contained in this Fleet Status Report (the “Information”) is as of the date of the report only and is subject to change without notice to the recipient. Transocean Ltd. assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER TRANSOCEAN LTD. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED “AS IS.” Neither Transocean Ltd. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.

No Unauthorized Publication or Use. All information provided by Transocean in this report is given for the exclusive use of the recipient and may not be published,redistributed or retransmitted without the prior written consent of Transocean.

Customer Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean. Our customer contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.

Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation). Changes in estimated out of service time are noted where changes in the time Transocean anticipates that a rig is scheduled to be out of service and not be available to earn an operating dayrate have changed by a period of 15 days or longer for all rig classifications since the previously issued Monthly Fleet Update Summary or Comprehensive Fleet Status Report. The changes to estimated out of service time included in this Fleet Status may not be firm and could change significantly based on a variety of factors. Any significant changes to our estimates of out of service time will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable.

Contract Preparation refers to periods during which the rig is undergoing modifications or upgrades as a result of contract requirements. Shipyards refers to periods during which the rig is out of service as a result of other scheduled shipyards, surveys, repairs, regulatory inspections or other scheduled service or work on the rig.

In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our customers that is generally recognized over the life of the primary contract term of the drilling project, although such compensation is not typically significant in relation to the revenues generated by the dayrates we charge our customers. When mobilization or demobilization occurs during a contract period, we recognize revenues as earned. In instances where mobilization or demobilization time occurs before or between the start of a contract period, the stated estimated contract start date represents the expected commencement date for the primary contract term of the drilling project and the point at which we expect to begin recognizing revenues.

Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Update include, but are not limited to, statements involving the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, Transocean’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in Transocean’s most recently filed Form 10-K, in Transocean’s Forms 10-Q for subsequent periods and in Transocean’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

Fleet Classification. Transocean uses a rig classification for its semisubmersible rigs and drillships to reflect the company’s strategic focus on the ownership and operation of premium, high specification floating rigs. The rig classification “High Specification Floaters” is comprised of “Ultra-Deepwater” which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, “Deepwater” which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and “Harsh Environment” comprised of seven of the company’s premium harsh environment rigs, the semisubmersibles Transocean Barents, Transocean Spitsbergen, Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Midwater Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The category titled "High Specification Jackups" consists of high performance jackup rigs that possess the ability to drill in water depths of 400 feet or less.

Stacking. An "Idle" rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A "Stacked" rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.

Documents

Fleet Status Report